Commonwealth Bank announces multiple branch closures anew

The landscape of banking in Australia is changing, and with it, the physical presence of bank branches in Australian communities.

In a move that has left many concerned, the Commonwealth Bank of Australia (CBA) has announced the closure of three more branches across the country.

This decision, according to the bank, is a response to a progressive decline in customer demand at the affected branches.



The branches in Coogee, New South Wales, Coolangatta, Queensland, and Adelaide’s Rundle Mall in South Australia are set to close their doors permanently by March 1.

The CBA has been a cornerstone of Australian banking for over a century, and for many, their local branches have been a familiar and trusted presence.


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CBA has announced the closure of three branches. Image source: Google Maps



However, technological advancements and shifting customer behaviours have led to a significant decrease in-branch transactions.

Over the past five years, the bank said transactions at the Rundle Mall branch in Adelaide have dropped by 47 per cent, while the Coogee branch has seen a decrease of 52 per cent, and the Coolangatta branch by 29 per cent.



‘We regularly review our services across Australia to help inform decisions on where to open, renovate or upgrade branches, or in some instances where to close branches,’ the bank stated.

‘After a recent review, we made the difficult decision to permanently close our Rundle Mall Adelaide, Coolangatta and Coogee branches.’

‘Staff will be available to provide one-on-assistance until Friday, March 1, 2024 to help equip and educate customers with alternative banking options,’ they continued.

According to CBA, all but one of the 22 employees currently working across the three soon-to-close branches will be relocated to ‘appropriate, comparable roles suitable to their needs’.

‘We are also supporting the remaining staff member to find potential opportunities,’ they added.



The closure of these branches is not an isolated incident.

Last year, three of the bank’s branches shut down in Sydney, Perth, and Melbourne, resulting in nearly 200 job losses.

Other banks, including NAB and Bankwest, have also announced branch closures this year.

Despite these closures, the Commonwealth Bank has confirmed that it will not close any more regional branches until at least the end of 2026.

The bank has also stated that it invests around $60 million in its branch network each year to upgrade or refurbish existing branches and open new ones where there is customer demand.

In Adelaide, for example, the branch on King William St located 700m away will undergo a $5 million renovation.

According to a report by the Australian Prudential Regulation Authority (APRA), 11 per cent of Australia's branches, a total of 424, vanished during the 12 months up to June 2023.

Out of these, 122 branches, which account for 7 per cent of Australia's total branches, were located in remote and regional areas.

Key Takeaways
  • Commonwealth Bank is closing three branches in Coogee NSW, Coolangatta QLD, and Adelaide's Rundle Mall SA by March 1 due to declining customer transactions.
  • Affected staff will be offered alternative roles, and one-to-one assistance is being provided to educate customers on other banking methods.
  • Commonwealth Bank emphasised its continued investment in banking services through various channels and confirmed no more regional branch closures until at least the end of 2026.
  • Refurbishments are planned for other branches, including a $5 million upgrade for the King William St branch in Adelaide.

What are your thoughts on these branch closures, members? Have you been affected by a bank branch closure in your area? Share your experiences and thoughts with us in the comments below.
 
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“A progressive decline in customer demand”!
What a load of crap!
At our local branch they are doing everything in their power to reduce the service they offer.
Two weeks ago I had $20 in 20c coins.
I went into to my local branch (been banking with them for 40 years) and the teller refused to change it for a note.
They wanted me to put it through the ATM into my account and then withdraw it.

the Banks and Government are forcing us into a cashless society where they can keep records of every transaction we do even down to changing $20 of coins into a $20 note!
 
Once they go full-on cashless a bank transaction will be a mere juggling of the numbers.
Little Jonny Howard had a hand in this situation by doing away with currency being gold-backed... that gave the banks open slather...
 
I worked for Banks' for 25 years, the last 10 of those in management, so I believe I know what I am talking about. Once upon a time Banks existed to serve their customers. Now they exist to serve their shareholders and earn their executives bonuses. When they take away services, branches etc. and tell us it is because we the customers want those changes, or don't use the branches etc. it is because we have been forced to change our banking habits by them. NO CHANGES are made by banks to benefit us. They are only made to benefit the Banks' bottom line. They don't care about us.
 
I worked for Banks' for 25 years, the last 10 of those in management, so I believe I know what I am talking about. Once upon a time Banks existed to serve their customers. Now they exist to serve their shareholders and earn their executives bonuses. When they take away services, branches etc. and tell us it is because we the customers want those changes, or don't use the branches etc. it is because we have been forced to change our banking habits by them. NO CHANGES are made by banks to benefit us. They are only made to benefit the Banks' bottom line. They don't care about us.
I'm an ex bank employee too (21 years).

Totally agree. The strategy to get to HERE was devised in the 70s

The drive to get customers using tech started with ATMs in early 80s.

The manipulation of customers through the introduction of fees for branch services Vs using tech for free continued on from ATMs through to telephone banking and then online as the internet rolled out.

Banks have cleverly collected stats that show how customers are deserting branches and are using those figures to justify the Banks closing branches.

Banks pushed people away. After 4 decades of redirecting them, the people have become accustomed to using tech.

It's been an exercise of re-training. The Banks' mission has been a success.
 
MY BE IT IS TIME TO HAVE A GOVERMENT BANK I AM NEARLY 80 YEARS OF AGE BUT IN MY TEEN YEARS COMMONWEALTH BANK WAS OWNED BY THE FEDERAL GOV. AND EVERYONE HAD AN A/C WITH THEM BUT AS USUAL THE GOV .OF THE TIME WANTED MORE CASH SO SOLD IT TO PRIVATE ENTERPRISE
 
MY BE IT IS TIME TO HAVE A GOVERMENT BANK I AM NEARLY 80 YEARS OF AGE BUT IN MY TEEN YEARS COMMONWEALTH BANK WAS OWNED BY THE FEDERAL GOV. AND EVERYONE HAD AN A/C WITH THEM BUT AS USUAL THE GOV .OF THE TIME WANTED MORE CASH SO SOLD IT TO PRIVATE ENTERPRISE
Yes we had it, the people's bank. And then it was gone.
 
Bastard Banks have a lot answer for, don't forget it was these arseholes that bought in compound interest with the collusion of successive frauduletn corrupt even if only morally banks, still corupt and now doing thee damnest to force n unwanted digital currency on the people. A Currency that can wiped out on an outage?
 
Last edited:
  • Like
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CASH FOR EVER BUGGER WHAT THE BANKS WANT AND ALSO FEDERAL GOVERMENT WHO JUST WANT TO SEE WHAT YOU DO WITH YOUR MONEY AS A PENSIONER YOU CAN NOT HELP YOUR CHILDREN UNLESS YOU ARE PENALISED
 
  • Like
Reactions: JedCorella
I'm an ex bank employee too (21 years).

Totally agree. The strategy to get to HERE was devised in the 70s

The drive to get customers using tech started with ATMs in early 80s.

The manipulation of customers through the introduction of fees for branch services Vs using tech for free continued on from ATMs through to telephone banking and then online as the internet rolled out.

Banks have cleverly collected stats that show how customers are deserting branches and are using those figures to justify the Banks closing branches.

Banks pushed people away. After 4 decades of redirecting them, the people have become accustomed to using tech.

It's been an exercise of re-training. The Banks' mission has been a success.
Use cash whenever you can. The "Con Your Wealth bank" is a criminal entity that preys on people. They don't care about us at all and lie and cheat whenever they can. They are only sorry when they get caught, just like common thieves.
 

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